EUR/JPY Technical Analysis: Eyeing Resistance Above 137.00

By DailyFx | Updated August 11, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 136.22-27, 135.85, 135.18
  • Resistance:137.62, 138.80, 139.75

The Euro turned higher against the Japanese Yen as expected after showing positive RSI divergence on a test of February’s swing bottom. A daily close above the 23.6% Fibonacci retracement at 137.62 exposes the intersection of the 38.2% level and a falling channel top at 138.80. Alternatively, a turn below support in the 136.22-27 area, marked by the February 4 low and the 23.6% Fib expansion, opens the door for a challenge of the channel floor at 135.81.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at a disadvantage against its major counterparts. With that in mind, we will opt not to pursue a long position and wait for the bounce to produce a selling opportunity.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Eyeing Resistance Above 137.00

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Forex News

    EUR/JPY Technical Analysis: Move Below 144.00 Expected

  2. Forex News

    EUR/JPY Technical Analysis: Sellers Try to Retake Initiative

  3. Forex News

    ST Technicals Offer Moment of Reflection in EUR-crosses

  4. Forex News

    EUR/JPY Technical Analysis: Key Support Just Above 146.00

  5. Forex News

    Positioning Unwind May be Driving Factor, Not QE, for Euro

Trading Center